I had two major take-aways leaving Las Vegas and the AICPA conference.
It finally feels real: the end may truly be in sight for the corporate giants that have long dominated the accounting technology space. For years, CCH and Thomson Reuters have absorbed disproportionate attention and firm cash flow, but their grip on the profession may finally be weakening.
My dad used to work for Commerce Clearing House (CCH), delivering tax binder updates around Amarillo, Texas, in his Trans Am. It’s a reminder that these companies have been entrenched in the profession for decades.
But things are changing fast.
Today, there’s more capital and innovation pouring into accounting than ever before. Artificial intelligence, cheap cloud infrastructure, maturing codebase frameworks, and ability to be capital efficient are opening up the market..
Recently I listened to an interview with Marc Andreessen discussing their thesis that incumbents are due for a reckoning.
Here's the the clip of the interview:
We are working on numerous tools that are taking aim at the incumbents. Our goal is to help usher in a new generation of software that works with, not against, accountants and professional service firms. It’s not about tinkering around the edges; it’s about rethinking the tools from the ground up.
Even though these incumbents have swallowed beloved products like XCM, SurePrep, and SafeSend, firms are now proactively seeking—and discovering—viable alternatives. The harsh reality is they tarnish every tool they touch.
New players have entered the game. Many more are coming. They smell the opportunity.
Meanwhile, general-purpose software and AI tooling have leveled the playing field. Building something as complex as a tax engine was once unthinkable for a startup. Today, it’s not only possible, it’s becoming a glaring reality and coming soon to a firm near you.
There’s a paradox at play. While the number of accountants graduating from college is shrinking, and the total number of accounting firms is slowly declining, investor interest in the accounting tech space is at an all-time high. Why?
Three main reasons:
This is the thesis many of us are building on. And we believe the most meaningful wins will come not from repackaging what already exists, but from reimagining what’s possible.
CCH and Thomson Reuters helped build the foundation of this profession’s software stack. But the industry has changed. The tools firms need today—and tomorrow—require more flexibility, more intelligence, and a fundamentally different attitude toward service and support.
While replacing legacy products like UltraTax or Axcess Tax is undeniably challenging, rapid technological evolution suggests this shift is not decades, but a mere two to four years away.
The end may not yet be here for CCH and Thomson Reuters, but it's certainly in sight. CPA firms now have genuine opportunities to reclaim autonomy over their technology. Change is imminent—and long overdue.
It’s not just time for new products. It’s time for a new model.
Cheers to the Do'ers!
